HAWAIIAN HOLDINGS (HA) INVESTOR DAY

December 5, 2016
1
Forward-looking statements
This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act
of 1995 that reflect the Company’s current views with respect to certain current and future events and financial
performance. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of
such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking
statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the
Company’s operations and business environment, all of which may cause the Company’s actual results to be materially
different from any future results, expressed or implied, in these forward-looking statements. These risks and uncertainties
include, without limitation, the Company’s ability to accurately forecast quarter and year-end results; economic volatility;
the price and availability of aircraft fuel; fluctuations in demand for transportation in the markets in which the Company
operates; the Company’s dependence on tourist travel; foreign currency exchange rate fluctuations; and the Company’s
ability to implement its growth strategy.

The risks, uncertainties and assumptions referred to above that could cause the Company’s results to differ materially from
the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions
discussed from time to time in the Company’s public filings and public announcements, including the Company’s Annual
Report on Form 10-K for the year ended December 31, 2015 and the Company’s Quarterly Reports on Form 10-Q, as well
as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All
forward-looking statements included in this document are based on information available to the Company on the date
hereof. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or
circumstances that may arise after the date hereof even if experience or future events make it clear that any projected
results expressed or implied herein will not be realized.

2
MARK DUNKERLEY
President and Chief Executive Officer

3
Today’s agenda

• 9:00 a.m. Fleet and network

• 10:15 a.m. Operational excellence
• 10:45 a.m. Financial strength
• 11:15 a.m. Closing remarks and Q&A
• 11:30 a.m. Lunch

4
 Last year we told you that….

2016 is going to be
a better year than 2015.

5
Strengthen
competitive Achieve mastery
position

Grow long-term
shareholder value

6
 Financial Snapshot
2015 3Q16 TTM Change
Adjusted EPS1 $3.09 $4.79 +$1.70
Adjusted Pre-tax
13.2% 17.5% +4.3pts
Margin1
Pre-tax ROIC 27.5% 33.1% +5.6pts
Leverage 2.7x 2.0x (0.7x)
Share price2 $35.33 $48.60 +38%

Note 1: See GAAP to Non-GAAP Reconciliations in the appendix

Note 2: Share price as of 12/31/15 and 9/30/16
7
2016 has been a better
year than 2015.

8
Leisure is better business
Leisure trips are increasing Leisure travel spending is
U.S. domestic travel increasing
Leisure travel spending share of total
Leisure Trip Share of all Trips Taken
U.S. Domestic Travel International
85% International
visitors to US
80% visitors to US
80%
80%
80%
US travelers
75%
75% 75% abroad
US travelers
abroad
70%
70%
70%
70%
65%

60%
60%
65%
65%
55%

60%
60%
50%
50%

2001
1999
2000

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
1994
1994 1998
1998 2002
2002 2006
2006 2010
2010 2014
2014 1994 1998 2002 2006 2010 2014
Source: U.S. Travel Association, Tourism Economics
Source: BEA, Tourism Economics

Source: Oxford Economics, U.S. Travel Association

9
….and has recently proven less volatile

Pre-tax Margin

2000 2003 2006 2009 2012 2015

Legacy Leisure
Note 1: Leisure carriers include, HA, ALGT, ALK, JBLU, LUV, & SAVE
Note 2: Legacy carriers include AAL, DAL, & UAL
Source: 10-K filings
10
…and enjoyed greater returns

Since 2000…

Legacy Leisure

($33B) $25B

Note 1: Leisure carriers include, HA, ALGT, ALK, JBLU, LUV, & SAVE
Note 2: Legacy carriers include AAL, DAL, & UAL
Note 3: Represents cumulative pretax income between 2000-2015
Source: 10-K filings 11
Hawai‘i is the premier leisure destination

12
Our mission is serving Hawai‘i

13
We tailor our products and services to Hawai‘i

14
2017 will be a year of…

15
Improving our financial position

Strengthening our Investing in our

core business future

16
PETER INGRAM
Executive Vice President, Chief Commercial Officer

17
Overview

• Revenue momentum
• Balanced network
• Fleet evolution
• A321neo network opportunities
• Aircraft cabins for our missions
• Growing value-added revenue

18
Outperforming the industry

Year-over-year RASM performance

+3% to +6%

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16E

HA Industry ex-HA

Note 1: Industry RASM represents weighted RASM averages including AAL, ALK, DAL, JBLU, LUV, & UAL
Note 2: Company guidance as of 12/5/2016

19
Maximizing RASM for our business model
Trailing Twelve Month RASM (cents)

DAL

AAL
UAL
LUV
ALK
HA
JBLU

VA

ALGT

SAVE

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

Source: SEC filings

20
 Hawaiian’s market share by geography in 2010

North America
~23%

Japan
~1%…

Other
International

~20%

Note 1: North America includes major O&D markets from Canada and US ex Hawai‘i to Hawai‘i
Note 2: Other International includes all international O&D markets excluding Japan and Canada to Hawai‘i
21
 Hawaiian’s market share by geography in 2014

North America
Japan ~15% ~24%

Other
International

~30%

Note 1: North America includes major O&D markets from Canada and US ex Hawai‘i to Hawai‘i
Note 2: Other International includes all international O&D markets excluding Japan and Canada to Hawai‘i
22
Growing our market share in Japan

 Japan is the largest

source of international
visitors to Hawai‘i
 Increasing flights to
Tokyo
 2nd largest seat share
(24%) of flights from
Japan to Hawai‘i1

Note 1: Based on published schedules as of 1/1/2017

Source: Diio Mi as of 7/28/2016
23
Hawaiian’s balanced network in 2017

North America
Japan ~24% ~25%

Other
International

~30%

Note 1: North America includes major O&D markets from Canada and US ex Hawai‘i to Hawai‘i
Note 2: Other International includes all international O&D markets excluding Japan and Canada to Hawai‘i

24
Achieving a balanced network: flying where
Hawai‘i’s visitors are from
2010 2017

Visitors to Hawai'i HA Passengers Visitors to Hawai'i HA Passengers

North America Japan Other

25
Growth and diversification of revenue
2017
2010 11%
24%
1% 16%
9%
33%

57%
49%

Neighbor Island North America Japan Other International

26
 Many growth opportunities remain
Edmonton
Vancouver Calgary
Montreal
Toronto

Boston
Chengdu Nagoya Philadelphia
Shanghai
Washington
Austin
Guangzhou

Hong Kong
Bangkok
Jakarta
Ho Chi Minh City

Singapore

Melbourne

POTENTIAL MARKETS
Metropolitan Population
>20M 10-20M 5-10M 3-5M 1-2M Source: US Census Bureau, OECD, national statistics bureaus 27
Low to mid-single digit capacity growth

Fleet Plan Capacity (ASMs)

2016 2017 2018 2019 2016 2017 2018 2019

717-200 A330 767-300 A321neo

Fleet flexibility allows us to capitalize on future opportunities

28
Noel Villamil
Vice President, Financial Planning & Analysis

29
Our fleet continues to evolve
DC-10 767-300 A330

Early Jet Days Modernization Evolution

Before 2001 2001 – 2009 2010 and beyond

DC-9 717-200 A321neo

717-200

30
Yesterday’s fleet

260 Seats 767-300

128 Seats 717-200

1 Hr 6 Hr 12 Hr

31
Today’s fleet

294 Seats A330-200

260 Seats 767-300

128 Seats 717-200

1 Hr 6 Hr 12 Hr

32
Evolution of fleet for today’s mission

278 Seats A330-200

189 Seats A321neo

128 Seats 717-200

1 Hr 6 Hr 12 Hr

33
Unit cost of the A321neo rivals the A330

737-800
CASM

A321neo A330-200

Aircraft Capacity

Note 1: Fuel price adjusted to $2.05 per gallon

Note 2: Variable + Ownership Costs
Source: Based on Form41 data and HA estimates
34
A321neo – most cost effective aircraft for the
West Coast to Hawai‘i mission

A321-200
(181 seats) A320-200
(146 seats)
A321neo
Trip Cost

(189 seats)

737-9Max 737-800
(177 seats) (157 seats)

737-8Max
(156 seats)

CASM

Note 1: Fuel price adjusted to $2.05 per gallon

Note 2: Variable + Ownership Costs
Source: Based on Form41 data and HA estimates
35
Right aircraft for each mission

278 Seats 24 A330-200

189 Seats 18 A321neo

128 Seats 20 717-200

1 Hr 6 Hr 12 Hr

36
Efficient fleet distribution across our network
2016 2019
Number of O&D Markets

767
767 A321

717 A330 A330 717 A330 A330

Short Haul Medium Haul Long Haul Short Haul Medium Haul Long Haul
(30-60 min.) (5-7 hours) (7+ hour) (30-60 min.) (5-7 hours) (7+ hour)

37
Fleet evolution drives margin expansion

RASM

CASM

Aircraft 2016 2019

767-300 8 0
A321neo1 0 Transition 17

Note 1: Taking delivery of 18th A321neo in 2020

38
BRENT OVERBEEK
Vice President, Revenue Management & Schedule
Planning

39
Growing our West Coast revenue premium

HA PRASM
8% PRASM
premium
Other
Airline
PRASM
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Note: West Coast to Hawai'i PRASM for trailing twelve month ending June 30, 2016
Source: USDOT DB1B and T100 data
40
Outperforming on all West Coast markets
Hawaiian Airlines earns a PRASM premium where it competes

HNL OGG
LAX l l
SFO l l
OAK l l
SJC l l
SEA l l
PDX l Key
SAN l l Over 5%

PHX l l 2% to 5%

Note: Estimates for the trailing twelve months ended June 30, 2016
Source: USDOT DB1B and T100
41
Drivers of our success

Service Schedule

Commercial
Product
Execution

42
20 large U.S. to Hawai‘i markets
Large markets = O&D
with 200+ passengers
each way per day

Source: USDOT DB1B data

43
Wide-body fleet focused on the large markets

Serving 15 of these 20 large

markets year-round

Source: USDOT DB1B data

44
Wide-body fleet focused on the large markets

Adding seasonal service we

serve 17 of these 20 large
markets
Source: USDOT DB1B data
45
24 U.S. to Hawai‘i mid-size markets
Mid-size markets =
O&D with 100-200
passengers each
way per day

Source: USDOT DB1B data

46
Limited service in mid-size markets

Serving 1 mid-size market

year-round

Source: USDOT DB1B data

47
Limited service in mid-size markets

Including seasonal service

we serve 3 of these 24
mid-size markets
Source: USDOT DB1B data
48
Building on our success: growth in mid-markets
with the A321neo

A321neo range enables

services to half of the mid-
size markets
Source: USDOT DB1B data
49
Neighbor Island network is a unique asset

• Unmatched presence
with ~90% seat share
• Unrivaled schedule with
160+ daily flights
• 2/3 of traffic is local

50
Neighbor Island growth during peak periods

Distribution of Long-Haul Seats 2017 HA Neighbor Island Capacity

in and out of Honolulu Y/Y % Change

+11.0%

+2.2%

Peak Off Peak Total

(9AM-3PM)

Before 6AM - 9AM - 12PM - 3PM - 6PM - 9PM -

6AM 9AM 12PM 3PM 6PM 9PM 12AM
Arrival Departure -3.5%

Note: Data as of November 2016

Source: Diio Mi 51
Low to mid-single digit capacity growth in 2017

2017 ASM
Growth
+2% to +5%

Tokyo Growth A321neo Other Neighbor Island Mod Line New A330 seat
Induction Growth configuration

52
PETER INGRAM
Executive Vice President, Chief Commercial Officer

53
Investing in aircraft cabin configuration
Launch of Extra Lie-flat seats & additional Arrival of A321neos
Comfort Extra Comfort

Third Quarter Beginning Second Third Quarter

2014 Quarter 2016 2017

Fourth Quarter Fourth Quarter First Quarter

2015 2016 2018

Retrofit of all 717 6 A330s Retrofitted Retrofit of all A330s

Standardized at 128 seats Commence revenue flights completed

54
Mission specific interior cabins

717 A321 NEO A330

Neighbor Island Mid-haul Long-haul

128 seats 189 seats 278 seats

Optimized density for 30-60 Extra Comfort scaled to meet Fully lie-flat premium product
minute flights proven North America demand and more Extra Comfort

717 A321 Old New

Configuration Configuration

Main Preferred Seats Premium

55
Building on the success of Extra Comfort
Extra Comfort & Preferred Seats
Flown Annually

+104%

• ~$50M annual revenue 2016

2016 2017 2018 2019
• Average paid utilization: 70%+
A330 767 A321

56
Growing value-added revenue per passenger

$23.37
$22.01
$19.72

$14.69

2013 2014 2015 3Q2016 TTM

1
Extra Comfort & Preferred Seats Sales of HawaiianMiles Baggage Other

Note 1: “Other” includes ticket fees, first class upgrades, vacation commissions and on-board sales

57
We are positioned to build on recent revenue success
• Balanced network
• Mission optimized fleet
• Customer focused products & services
Our understanding of the Hawai‘i customer is unmatched
The A321neo unlocks new North America network
opportunities
Low to mid-single digit capacity growth in 2017 and through
the end of the decade

58
MAHALO
Q&A

59
Jon Snook
Executive Vice President, Chief Operating Officer

60
On-time performance leader for 12 years

#1
2004 -
2015

61
Award winning hospitality

62
Operational excellence is rooted in our people

63
Investing in our people

64
Investing in facilities for our people

65
Labor agreements for our business

Represented Number of
Employee Group Amendable Date
by Employees1

Dispatchers TWU 44 August 1, 2021

Maintenance and
IAM-M 883 January 1, 2021
Engineering

Agents IAM-C 1,669 January 1, 2021

September 15,
Pilots ALPA 648
2015
Flight Attendants AFA 1,786 January 1, 2017

Note 1: As of September 30, 2016

66
Investing in our operations to improve
productivity and service

Processes Harness
Re-engineering Technology

Service
Consistency

67
 Fuel efficiency program
Mid-single digit fuel consumption
2015-2020 Initiatives
savings by 2020
Applying best in class tools
and process
• APU Usage Reduction
Fuel Gallons consumed

Continuous Improvements
• Reduce aircraft weight
• Reduce over-fueling

Competitive Advantage
• Investment in flight
planning & optimization
tools
Base 2015 2016 2017 2018-2020 2020
Initiative Initiative Initiative Initiative Total Fuel
Savings Savings Savings Savings Consumption

68
Next generation flight technology drives fuel
consumption savings

HND

Current software: only wind

direction and speed considered

Dispatcher-adjusted route:
manually changed to avoid icing, HNL
significant weather, and military
ops areas

New software: avoids hazards and

slightly longer, but provides most fuel
efficient routing

69
Jim Landers
Vice President, Maintenance and Engineering

70
Our maintenance cost per ASM has decreased
Other Airlines Hawaiian

+2.2%

-5.9%

3Q11 3Q16 3Q11 3Q16

TTM TTM TTM TTM

Note 1: Other airlines include ALK, JBLU, LUV, AAL, DAL and UAL
Source: SEC filings

71
Maintenance cost control focus

Vendor
Fleet Renewal
Management

Mastering 717 A321neo

Maintenance Induction

72
We have the youngest mid-to-long haul fleet

17.1 yrs

13.5 yrs

11.7 yrs
11.1 yrs

9.4 yrs 9.7 yrs

8.4 yrs
7.9 yrs

HA JBLU HA ALK AAL LUV UAL DAL

excluding (Total)
717

Note: As of December 31, 2015

Source: 10-K filings

73
Our fleet is becoming younger
Short Haul Fleet Age Mid-to-Long Haul Total Fleet Age
Forecast Fleet Age Forecast Forecast

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Note: Fleet age calculated at December 31

74
Vendor management yields cost savings

Stronger Financials
One-time
Better Relationships MX Savings: ~$5M1
Annual Recurring
Contract Renegotiations
MX Savings: ~$15M2

Net Cost Savings

Current initiatives yield savings with prospective initiatives on the way

Note 1: One-time savings are over the period between mid-2015 and mid-2016
Note 2: Annual recurring savings are forecasts for 2017 and beyond

75
Mastering 717 maintenance program

76
Reprogram of 717 maintenance program

110
100
Extended Limit of Validity
90
Cycles (in thousands)

80
70
60
50
40 HA Average
30
20
10
Original Limit of Validity
0
0 10 20 30 40 50 60 70 80 90 100 110
Hours (in thousands)

Optimized maintenance program for 717 second life

77
Driving efficiencies in 717 maintenance checks
Original state Current/Future state
A-Check Mechanic POU = Point of Use
C-Check Mechanic A-Check Mechanic
Line Mechanic C-Check Mechanic
Line Mechanic
Supply Agent

Tool Boxes

Tool Boxes

Tool Boxes

• Skilled A&P mechanics suffer productivity • Applied industry best practice point of use
loss due to travel and wait time (POU) carts and material delivery

78
More days available to fly 717s

Improved productivity: Unscheduled Days out of Service

• Lower costs from

fewer maintenance
days
• More revenue
opportunities
• Annual profit
opportunity of ~$5M 2013 2014 2015 2016

79
Controlling costs to maintain 717s

Typical aging aircraft

cost escalation

Savings
Maintenance Cost

from
initiatives

Costs with
mitigation strategy

2014 2015 2016 2017 2018 2019 2020

80
Evolution of our maintenance program

81
Maintenance program evolution

A330 767 A321 717

Outsourced In-house

Economies of scale
Special capabilities Contract labor
Network density MX proficiency
Geographic isolation

A321

82
A321neos arriving 2017

83
Jon Snook
Executive Vice President, Chief Operating Officer

84
Deliver operational excellence

Invest in our people

Invest in our operations to improve
productivity and lower long-term costs
Prepare for the delivery of the A321neo

85
MAHALO
Q&A

86
Shannon Okinaka
Executive Vice President, Chief Financial Officer

87
Pathway to long-term value

Strong
financial Strengthen Optimize
performance balance cost of
sheet capital

Increase
enterprise
SHAREHOLDER value
VALUE

88
Strong financial performance
Adjusted EPS Adjusted Pre-tax Margin Pre-tax ROIC

17.5% 33.1%
$4.79
27.5%
13.2%

$3.09
16.3%
6.9%
$1.55

2014 2015 3Q16 TTM 2014 2015 3Q16 TTM 2014 2015 3Q16 TTM

89
Strong results generate robust cash flow
Cash flow from operations Cash & cash equivalents

$694M

$579M $560M
$524M
$476M

$300M

2014 2015 3Q16 TTM 2014 2015 3Q16

90
2015-2019: Cash flow funds multiple uses
Sources of cash Uses of cash

(2010 – 2014)
Return to
shareholders

$600M
Investments
in the
Business

$1,184M Return to
shareholders (2015 – 2019)

2010-2014 Projected
Net Debt Investments
2015 - 2019 Reduction in the
Business
Net Debt Increase
Cash flow from Ops

91
2015-2016: Our cash flow funded multiple uses

Debt
$168M
$223M
$50M Aircraft and Aircraft
related
Shareholder Returns
$(118)M
$493M
Pension and Other
Postretirement

Note: Time period January 1, 2015 to September 30, 2016

92
Our balance sheet is stronger today
Liquidity Ratio Free Cash Flow Unencumbered Leverage Ratio Credit Rating
Aircraft

29%

23%
4.2x

$295M $275M B1/BB-/B+

2.0x
B3/B/B
$44M

($126M)

2014 3Q2016 TTM

Note 1: Liquidity ratio excludes revolver and is defined as cash & cash equivalent / revenue
Note 2: Leverage ratio is defined as adjusted debt to EBITDAR
Note 3: Credit rating from Moody’s, S&P, and Fitch in respective order
93
Jay Schaefer
Vice President, Treasurer

94
Building a strong liquidity base
New $500M1 Cash Target We are financially stronger
• Improved cash position to meet
contingent and non-discretionary
Revolving Credit needs
Facility

Black Swan • 16 unencumbered aircraft today

Unencumbered
aircraft
• Previously we didn’t have any
unencumbered aircraft

Contingent • Revolving credit facility of $175M

Cash & Cash
Non- Equivalents
Discretionary

Liquidity Needs Sources of Liquidity

We have more sources of liquidity available to us today

Note 1: Cash target includes cash & cash equivalents

95
New liquidity target is in line with our peers

57%

37%

Current
Target
29% 24%
22% $500M
21% 17% 17%
13%
8%

ALK SAVE HA ALGT JBLU HA LUV AAL UAL DAL

Note 1: Liquidity as of trailing twelve months ended September 30, 2016 (cash & cash equivalents / TTM
revenue) and excluding revolver
Source: SEC filings
96
Our capital expenditures are manageable
Capital Expenditures 2017 CAPEX

$442M
$410M-$420M

$45M

$30M

$40M
$160M-$170M $300M
$119M

Aircraft & Aircraft Related

Aircraft Modification
2014 2015 2016E 2017E Hangar
Other

97
Financing plan for 2017 aircraft deliveries
Aircraft & Engine related CAPEX1

$300M $324M
$258M

$42M

2017 2018 2019 2020

Aircraft Delivery Schedule

2017 2018 2019 2020
A321neo 3 82 6 1
A330-200 1 - - -

All 2017 deliveries are expected to be paid in cash

Note 1: Excludes CAPEX related to A330neos

Note 2: Two A321neos to be delivered in 2018 will be leased
98
Significantly lowered our leverage

4.2x

3.5x
3.0x

2.0x 2.1x

1.4x 1.5x
1.4x
1.0x
0.7x

LUV DAL JBLU ALGT ALK HA UAL SAVE AAL HA

(2014)

Maintain leverage between 1.5x – 2.5x

Note: Leverage (adjusted debt to EBITDAR) as of the trailing twelve months ended September 30, 2016
Source: SEC filings
99
Managing our benefit obligations
Net pension and other postretirement liabilities Reducing annual expenses
and managing future
contributions

Settlement of IAM and

Salaried plans:
OPEB1
$202M • $2M in annual expense
savings
IAM & Salaried Funding Pilots plan in
$17M
excess of minimum
Pension requirements:
$162M Pilots
$145M • Improves funded
position

3Q2016 Pension

Note 1: OPEB is defined as other post-employment benefits

100
Shannon Okinaka
Executive Vice President, Chief Financial Officer

101
2017 CASM ex-fuel outlook

Year-over-year
CASM ex-fuel (in cents)
CASM ex-fuel Headwinds

Up low-to-mid
Up 2.5% to
single digit range1
4.5%1
8.15 8.31

1.0% Facilities2

1.0% Fleet
Transition

Wages &
1.5%
Benefits

2014 2015 2016E 2017E

Note 1: Excludes any assumptions related to the Pilots and impairment charge related to the 767s
Note 2: Facilities includes increases to D&A related to the new Hangar and other rental & landing fees in Hawaii
Note 3: 2016E excludes the impairment charge for the 767s estimated to be $45 - $50 million
102
Investing to lower our long-term unit costs

Business as
Investments
usual (BAU)

~(3.5%) IT and Systems

~5.0%

People

~(3.5%) Fleet Transition

~5.0%

2017 Net BAU Costs 2017 Investment 2017 Investment

Costs Benefits

103
Lowering our long-term cost structure

Retrofitted 717 fleet

Fleet optimization and early exit of 767s
Insourcing our international sales teams
Settlement of IAM and Salaried pension plans
New Maintenance and Cargo Facility
Processes re-engineering and harness of technology
in our Operations

104
Fuel costs remain manageable
Economic fuel cost per gallon1 Current fuel hedge position2

Period % Hedged Price

$3.03
4Q16 50% $1.45
1Q17 49% $1.36
$2.04 2Q17 40% $1.37
$1.55-$1.65 3Q17 24% $1.33
$1.50-$1.60

2014 2015 2016E 2017E

Note 1: 2016E and 2017E economic fuel cost per gallon estimates are based on the November 30, 2016 fuel
forward curve
Note 2: Based on the Company’s hedge portfolio as of November 30, 2016
105
Growing shareholder value

Adjusted Pre-tax Margin

17.5%

6.0%

2010 2011 2012 2013 2014 2015 3Q16 TTM

106
MAHALO
Q&A

107
MARK DUNKERLEY
President and Chief Executive Officer

108
2017 will be a year of…

109
Improving our financial position

Strengthening our Investing in our

core business future

110
MAHALO
Q&A

111
Appendix

112
Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
($ in thousands) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 3Q2016
Net Income (Loss), GAAP $(2,649) $53,237 $51,854 $68,926 $182,646 $102,545
Lease termination expense 70,014 - - - - -
Loss on extinguishment of debt - - - (3,885) 12,058 -
Changes in fair value of fuel derivatives 6,432 3,958 (8,684) 43,106 (1,015) (1,076)
Tax effect of adjustments (25,432) (1,583) 3,474 (18,796) (4,417) 409
Adjusted Net Income, Non-GAAP $43,218 $55,612 $46,644 $97,121 $189,272 $103,121

NON-GAAP RECONCILIATIONS
($ in thousands, except CASM data) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 3Q2016
GAAP Operating Expenses $1,630,176 $1,832,955 $2,022,118 $2,069,747 $1,891,364 $497,982
Less: aircraft fuel, including taxes and delivery (513,284) (631,741) (698,802) (678,253) (417,728) (94,818)
Less: lease termination expense (70,014) - - - - -
Adjusted operating expenses - excluding aircraft fuel and lease
$1,046,878 $1,201,214 $1,323,316 $1,391,494 $1,473,636 $403,164
termination
Available Seat Miles 12,039,933 14,687,472 16,785,827 17,073,630 17,726,322 4,894,768
CASM - GAAP (in cents) 13.54 12.48 12.05 12.12 10.67 10.17
Less: aircraft fuel and lease termination expense (in cents) (4.84) (4.30) (4.16) (3.97) (2.36) (1.93)
CASM Excluding Fuel and lease termination expense (in cents) 8.70 8.18 7.88 8.15 8.31 8.24

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including operating income and CASM.
Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial
measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it
provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited
influence.

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Pre-tax margin
NON-GAAP RECONCILIATIONS
($ in thousands) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 3Q2016
Income Before Income Taxes, as reported $(1,082) $85,786 $86,410 $113,447 $295,688 $164,159
Add back:
Changes in fair value of fuel derivatives 6,432 3,958 (8,684) 43,107 (1,015) 1,076
Loss on extinguishment of debt - - - 3,885 12,058 -
Lease termination expense 70,014 - - - - -
Adjusted Income Before Income Taxes, Non-GAAP $75,364 $89,744 $77,726 $160,438 $306,731 $165,235

Revenue $1,650,459 $1,962,353 $2,155,865 $2,314,879 $2,317,467 $671,837

NON-GAAP RECONCILIATIONS
($ in thousands) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 3Q2016
Pre-Tax Margin, as reported (0.1)% 4.4% 4.0% 4.9% 12.7% 24.4%
Add back:
Changes in fair value of fuel derivatives, net of tax 0.4% 0.2% (0.4)% 1.8% - 0.2%
Loss on extinguishment of debt, net of tax - - - 0.1% 0.5% -
Lease termination expense, net of tax 4.3% - - - - -
Adjusted Pre-Tax Margin 4.6% 4.6% 3.6% 6.9% 13.2% 24.6%

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including operating income and CASM.
Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial
measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it
provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited
influence.

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Leverage
NON-GAAP RECONCILIATIONS
($ in thousands) FY 2014 FY 2015 3Q2016 TTM
Debt and capital lease obligations $1,049,637 $772,144 $564,677
Add back:
Aircraft leases capitalized at 7x last 12 months’ aircraft
744,954 809,571 848,862
rent
Adjusted debt and capital lease obligations $1,794,691 $1,581,715 $1,413,539

Income Before Income Taxes $112,634 $295,688 $437,349

Add back:
Interest and amortization of debt expense 64,420 55,678 41,278
Depreciation and amortization 96,374 105,581 108,433
Aircraft Rent 106,422 115,653 121,266
EBITDAR $379,850 $572,600 $708,326

Adjustments
Add back:
Changes in fair value of derivative contracts 43,108 (1,015) (32,802)
Loss on extinguishment of debt 3,885 12,058 14,755
Adjusted EBITDAR $426,843 $583,643 $690,279

Leverage Ratio 4.2x 2.7x 2.0x

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including operating income and CASM.
Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial
measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it
provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited
influence.

115
Return on Invested Capital
HAWAIIAN AIRLINES – RETURN ON INVESTED CAPITAL (ROIC) – WORKING CAPITAL CASH METHODOLOGY 1

(in ‘000s) 2011 2012 2013 2014 2015 3Q2016 TTM

Operating Income $20,283 $129,400 $133,745 $245,132 $426,103 $493,438
Add Back One-Time Charges $70,014 $0 $0 $0 $0 $0
Operating Income Less One-Time Charges $90,297 $129,400 $133,745 $245,132 $426,103 $493,438
Add Back Aircraft Rent Expense for Operating Leases $112,883 $98,784 $108,535 $106,422 $115,653 $121,267
2
Add Depreciation for Operating Lease Add Back ($28,446) ($24,894) ($27,351) ($26,818) ($29,144) ($30,559)
Add Return on Invested Cash $248 $294 $323 $347 $347 $359
Adjusted Operating Income $174,981 $203,585 $215,253 $325,083 $512,959 $584,505
After Tax Adjusted Operating Income $101,489 $122,130 $129,131 $195,050 $306,890 $362,393
Average Total Debt and Capital Leases $341,899 $616,704 $735,676 $1,017,084 $931,756 $682,405
Common Equity $286,499 $249,384 $302,141 $407,234 $361,104 $513,310
3
Average Capitalized Operating Leases $790,180 $691,486 $759,747 $744,957 $809,575 $848,868
Remove Average Excess Cash ($64,407) ($115,173) ($122,710) ($179,626) ($241,520) ($280,423)
Average Invested Capital $1,354,171 $1,442,401 $1,674,855 $1,989,649 $1,860,827 $1,764,160
Pre-Tax ROIC 12.9% 14.1% 12.9% 16.3% 27.5% 33.1%
After-Tax ROIC 7.5% 8.5% 7.7% 9.8% 16.5% 20.5%

Notes:
1 All unrestricted cash removed from invested capital, except for working capital required to operate the business,

defined as unrestricted cash equal to 15% of TTM total revenue

2 Assumes 25 years useful life of aircraft and 10% salvage value
3 Average capitalized operating leases equals TTM rent multiplied by 7

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